Dot Hill files mixed Q2 earnings report
The Longmont-based company is implementing a plan announced at the start of the year that includes winding down its UVS (unified virtual storage) business in order to focus investments on core storage opportunities that could result in strong revenue growth in 2013.
The company announced that it has signed contracts with a number of new original equipment manufacturers including Harris Broadcast Communications for its forthcoming midrange products. Dot Hill will be hosting a midrange product launch Aug. 22.
"Early results from investments give me greater confidence today that we will indeed start to see tangible returns on our investments beginning in 2013, said Dot Hill's president and chief executive, Dana Kammersgard. "Our growth will likely come from our forthcoming midrange products, from new OEM prospects, from competitive consolidation and from continued channel sales traction. Despite the weak economic outlook for the rest of 2012 and potentially into 2013, we continue to expect that these same company specific catalysts will enable us to grow faster than the data storage industry as a whole."
The company exited the second quarter of 2012 with cash and cash equivalents of $40.5 million compared with $46.5 million at the end of June 2011 and $41.4 million in the period ending March 31.
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